South Africa Formwork Market Anticipated To Witness High Growth Owing To Rising Residential And Commercial Construction Activities
South Africa Formwork Market Anticipated To Witness High Growth Owing To Rising Residential And Commercial Construction Activities
The South Africa formwork market has been witnessing significant growth, owing to the increasing construction of residential and commercial buildings in the country.

South Africa Formwork Market Anticipated To Witness High Growth Owing To Rising Residential And Commercial Construction Activities

Formwork refers to templates or molds used to shape wet concrete until it hardens. It ensures precise dimensions and smooth finishes for structures. Over the past few years, there has been substantial growth in residential and commercial construction projects in South Africa, including new housing developments, shopping malls, office spaces, and hotels. This increased construction activity has augmented the demand for formwork in the country. The growing population and urbanization are the key factors driving residential construction. Moreover, rapid economic growth and rising per capita income have boosted commercial construction.

The Global South Africa formwork market is estimated to be valued at US$ 322.6 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the South Africa formwork market are Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc., Kimberly-Clark Corporation, Abena A/S, Attends Healthcare Products, Inc., Unicharm Corporation, Kao Corporation, Ontex Group, Chiaus (Fujian) Industrial Development Co Ltd and others. Some of the major players like Svenska Cellulose AB and DSG International Ltd. have been strongly focusing on expanding their production capacities and product portfolios, especially in the African region. The key opportunities in the South Africa formwork market include increasing investment in infrastructure projects by the government and growing adoption of advanced formwork systems to improve productivity and reduce construction time. Major global players are also exploring opportunities to establish manufacturing facilities or enter into partnerships with local players in South Africa to leverage the market potential. Large multinational companies see South Africa as a strategic hub to expand their footprint across the entire African continent.

The key drivers fueling the Aluminum Formwork Systems Size  include rapid urbanization leading to increased residential & commercial construction activities. According to Statistics South Africa, the urbanization rate in South Africa increased from 64% in 2016 to 67% in 2021. Expanding population and rising incomes are driving demand for housing units. In addition, growing investments in infrastructure projects such as airports, roads, railways and ports by the South African government are propelling the usage of formwork. The National Infrastructure Plan aims to invest over $100 billion in such infrastructure by 2025. However, volatility in raw material prices and availability of skilled labor are some of the major challenges restraining the market growth. Fluctuations in prices of key formwork components like wood and steel negatively impact construction costs.

Segment Analysis
Timber formwork sub segment dominates the South Africa formwork market owing to its wide adoption in construction projects across all application areas. Timber formwork offers properties including easy handling, good stripping strength, reusability and lower overall costs than synthetic or metal alternatives. Additionally, the availability of treated wood and plywood materials in South Africa boosts the use of timber systems. Aluminum formwork segment is expected to witness fastest gains through 2030 on back of growing commercial and infrastructure construction activity. Aluminum forms provide strength, durability and allow repeated use which suits large scale projects where formwork removal, assembly and cycle times are critical factors.

Global Analysis
South Africa formwork market is anticipated to be led by growth in the Western Cape region during the forecast period. Abundance of commercial projects including offices, retail complexes and hotels in cities of Cape Town and George support formwork demand. Eastern Cape follows in terms of market share supported by investments in road, bridge and mining infrastructure development. North West province follows due to major construction projects centered around Polokwane city. Key global players operating in South Africa focus on partnerships with local fabricators to benefit from construction opportunities emerging across diverse end use industries.

 

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https://www.newswirestats.com/south-africa-formwork-market-market-size-and-share-analysis/

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